Macy's Loss Could Be Shoppers' Gain

RIVERSIDE (CBSLA.com) – Bad news for Macy's could mean good news for shoppers this holiday season.

Macy's announced Wednesday the department store suffered a sharp drop in sales so far this year, which means its warehouses are full of merchandise.

Experts believe other department stores are in the same boat, and they will be forced to offer steep discounts.

Here are three shopping secrets to keep in mind:

• Do not pay full price. Macy's CEO Terry Lundgren told marketingdive.com that "consumers are going to have a field day, because we're going to have lots of values out there. But we're going to get rid of the inventory; have to do that before Christmas." And other stores may have to follow suit.
• Check out discount stores. Analysts told the New York Times, places like Ross Dress for Less and TJ Maxx should be packed with extra inventory from department stores.
• Don't panic over door busters. Walmart's CEO told the New York Times almost any deal in-store can also be found online.